The unemployment rate has climbed to 4.2 per cent in July — its highest level since November 2021, according to data released today by the Australian Bureau of Statistics (ABS).
Data from the ABS showed more than 58,000 jobs were created last month, with the majority in full-time roles.
However, the number of unemployed people grew by 24,000 people — lifting the participation rate to a record high of 67.1 per cent.
Kate Lamb, ABS head of labour statistics said: “The employment-to-population ratio rose by 0.1 percentage point to 64.3 per cent, indicating employment growth was faster than population growth, and was just below the historical high of 64.4 per cent in November 2023.
“Although the unemployment rate increased by 0.1 percentage point in each of the past two months, the record high participation rate and near record high employment-to-population ratio shows that there continues to be a high number of people in jobs, and looking for and finding jobs.
“While unemployment increased to 637,000 people in July, the highest it has been since November 2021, it remains around 70,000 people below its pre-pandemic level.
“The unemployment rate of 4.2 per cent was also the highest since November 2021, but was 1.0 percentage point lower than March 2020,” Ms Lamb said.
